Empowered Funds LLC Buys Shares of 33,021 Flexsteel Industries, Inc. $FLXS

Key Points

• Empowered Funds LLC acquired 33,021 Flexsteel Industries shares worth approximately $2.46 million, giving it a 0.62% stake. Several other institutional investors also initiated positions, with institutional ownership reaching 36.27%.
• Flexsteel reported quarterly earnings of $1.33 per share, beating estimates by $0.24, while revenue of $115.37 million also exceeded expectations. The company raised its quarterly dividend from $0.20 to $0.25 per share, equivalent to a 1.2% yield.
• Analyst sentiment is mostly neutral: one analyst rates the stock a Buy and three rate it Hold, producing an average rating of Hold and a consensus price target of $80.00. Meanwhile, insiders sold 16,106 shares worth about $1.30 million during the last quarter.

Empowered Funds LLC bought a new stake in Flexsteel Industries, Inc. (NASDAQ:FLXS - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 33,021 shares of the company's stock, valued at approximately $2,459,000. Empowered Funds LLC owned 0.62% of Flexsteel Industries at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in FLXS. Public Employees Retirement System of Ohio acquired a new stake in shares of Flexsteel Industries during the second quarter worth approximately $483,000. Punch & Associates Investment Management Inc. acquired a new position in Flexsteel Industries in the 2nd quarter valued at approximately $6,817,000. Legal & General Group Plc purchased a new stake in Flexsteel Industries in the 2nd quarter worth approximately $25,000. Algert Global LLC purchased a new stake in Flexsteel Industries in the 2nd quarter worth approximately $1,247,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Flexsteel Industries in the 2nd quarter worth approximately $246,000. 36.27% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Flexsteel Industries

In related news, insider David Edward Crimmins sold 4,494 shares of the company's stock in a transaction on Friday, August 21st. The stock was sold at an average price of $80.91, for a total value of $363,609.54. Following the completion of the transaction, the insider directly owned 30,194 shares in the company, valued at approximately $2,442,996.54. This represents a 12.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Michael Joseph Mcclaflin sold 2,500 shares of the firm's stock in a transaction on Monday, August 31st. The stock was sold at an average price of $79.57, for a total value of $198,925.00. Following the completion of the transaction, the insider directly owned 38,526 shares of the company's stock, valued at approximately $3,065,513.82. This trade represents a 6.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 16,106 shares of company stock worth $1,303,953 over the last quarter. 11.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on FLXS. Zacks Research cut shares of Flexsteel Industries from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 21st. Weiss Ratings reiterated a "buy (b-)" rating on shares of Flexsteel Industries in a report on Friday, July 17th. Freedom Broker cut Flexsteel Industries from a "buy" rating to a "hold" rating and lifted their price objective for the company from $72.00 to $80.00 in a research report on Tuesday, August 18th. Finally, Freedom Capital downgraded Flexsteel Industries from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 18th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $80.00.

Flexsteel Industries Trading Up 2.6%

Shares of Flexsteel Industries stock opened at $81.26 on Thursday. Flexsteel Industries, Inc. has a 1 year low of $34.00 and a 1 year high of $88.49. The company's fifty day simple moving average is $75.42 and its 200-day simple moving average is $60.77. The company has a market cap of $435.55 million, a price-to-earnings ratio of 13.09, a PEG ratio of 1.25 and a beta of 0.57.

Flexsteel Industries (NASDAQ:FLXS - Get Free Report) last issued its quarterly earnings results on Monday, August 17th. The company reported $1.33 earnings per share for the quarter, beating analysts' consensus estimates of $1.09 by $0.24. Flexsteel Industries had a net margin of 7.21% and a return on equity of 16.11%. The firm had revenue of $115.37 million during the quarter, compared to the consensus estimate of $109.51 million. As a group, research analysts forecast that Flexsteel Industries, Inc. will post 5.29 earnings per share for the current fiscal year.

Flexsteel Industries Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 6th. Stockholders of record on Wednesday, June 24th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Wednesday, June 24th. This is a boost from Flexsteel Industries's previous quarterly dividend of $0.20. Flexsteel Industries's payout ratio is 16.10%.

About Flexsteel Industries

Flexsteel Industries, Inc NASDAQ: FLXS is a U.S.-based furniture manufacturer specializing in the design, production, and marketing of residential upholstered furniture and wood casegoods. The company operates through two primary segments: Upholstery, which encompasses seating products such as sofas, loveseats, chairs, recliners, and sectionals; and Casegoods, which includes accent and occasional tables, cabinets, bookcases, and other wood-based furnishings. Flexsteel sells its products through a network of independent retailers, furniture stores, and distributors across North America.

Flexsteel's upholstery segment is distinguished by its patented Blue Steel Spring® technology, which offers enhanced longevity and comfort by replacing conventional webbing and springs with a welded steel seat suspension.

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